CoreLogic’s latest Home Value Index shows that national median dwelling values declined by just 0.8% over the past three months.
Hobart (1.0%), Adelaide (0.7%), Darwin (0.4%) and Canberra (0.7%) recorded quarterly dwelling price increases, despite the predictions of many experts that house prices would collapse after Covid-19 struck.
“Whilst COVID-19 hit us swiftly this year and threw the Australian economy and property markets into turmoil, things settled down within the property market quicker than initially thought,” real estate economist Dr Diaswati Mardiasmo says.
Prices in most capital cities and regions remain higher than a year ago. Compared to July 2019, house prices are higher in Melbourne (9%), Sydney (12%), Brisbane (4%), Adelaide (2%), Hobart (6%) and Canberra (7%). Tasmania (up 10%) led the growth in the regional areas, followed by Queensland (4.7%), New South Wales (4.5%) and Victoria (4.4%). Western Australia
was the only state where regional house prices have fallen in the past year (-9%).